Core Insights - The company has opened its first city duty-free store in Guangzhou, in collaboration with China Duty Free Group, marking a significant expansion in the duty-free retail sector [1] - The company currently operates 10 stores that offer immediate tax refund services for departing travelers, enhancing customer convenience [1] - The company is also a licensed retailer for the National Games merchandise, indicating its involvement in significant national events [1] Summary by Categories Company Developments - The new duty-free store is located on the first floor of the Friendship National Gold Store in Guangzhou and commenced operations on August 26, 2025 [1] - The company has established a centralized tax refund service point at its Beijing Road store, facilitating a city-wide tax refund service model [1] Industry Trends - The collaboration with China Duty Free Group represents a growing trend in the duty-free retail industry, particularly in urban areas [1] - The introduction of immediate tax refund services aligns with the increasing demand for convenience among travelers [1]

Group 1 - Bank of China Shanghai Branch has established the first hotel tax refund point in Shanghai at the Shanghai Grand Hotel, enhancing the tax refund service for international travelers [1] - The "immediate purchase and refund" service has been launched at the RT-Mart on Pingxingguan Road, expanding the channels for overseas guests to process tax refunds [1] - The Shanghai Grand Hotel, with its extensive multilingual reception capabilities and international service experience, aims to provide a seamless "stay, shop, and refund" experience for foreign guests [1] Group 2 - The number of South Korean tourists visiting China has significantly increased since the implementation of the visa-free policy for ordinary passports [1] - The RT-Mart supermarket has become a popular spot among South Koreans on social media, serving as an important channel for the Bank of China's tax refund services [1] - The "immediate purchase and refund" service will be further extended to tourists from more countries and regions in the future [1] Group 3 - The upcoming 8th China International Import Expo (CIIE) will see Bank of China continue to focus on "diversified scenarios" to expand the coverage of the "immediate purchase and refund" service [2] - The goal is to enhance the payment experience for international visitors, ensuring convenience and comfort at various locations such as airports, hotels, attractions, and supermarkets [2]

Group 1 - Bank of China Shanghai Branch has established the first hotel tax refund point in Shanghai at the Shanghai Grand Hotel, enhancing the tax refund process for international travelers [1] - The "immediate purchase and refund" service point at the RT-Mart on Pingxingguan Road is gaining popularity among Korean tourists, further expanding the channels for tax refunds [1] - The integration of tax refund services at hotels and supermarkets aims to improve the overall experience for international visitors, promoting a seamless "stay, shop, refund" process [1] Group 2 - The upcoming 8th China International Import Expo (CIIE) will see Bank of China as the sole strategic partner, focusing on diversifying service scenarios [2] - The bank aims to enhance the "immediate purchase and refund" service coverage to provide a high-quality payment experience for international tourists [2] - The goal is to ensure that visitors experience convenience and comfort at various locations, including airports, hotels, scenic spots, and supermarkets [2]

Group 1: Market Recovery and Growth - The inbound tourism market in China is showing a clear recovery trend, with over 19 million foreign visitors received in the first half of 2025, nearing 60% of the total for 2019, and a year-on-year growth of 30% [1][3] - Major cities like Beijing and Shanghai have seen inbound tourist numbers return to 2019 levels, with Beijing experiencing significant growth since Q2 2023, surpassing its previous peak [2][3] - The expansion of visa-free policies has accelerated the recovery of the inbound tourism market, with 47 countries now enjoying unilateral visa exemptions from China [3][7] Group 2: Tourist Preferences and Trends - Foreign tourists are increasingly interested in destinations beyond traditional hotspots, with places like Jiuzhaigou, Zhangjiajie, Lijiang, Yangshuo, and Guilin gaining popularity [1][11] - Different regions exhibit distinct travel preferences, with European tourists favoring slow-paced deep travel, Southeast Asian tourists drawn to food and photo opportunities, and Middle Eastern tourists focused on shopping [8][9] - Historical sites and natural landscapes are the most attractive to international visitors, with the Great Wall and other cultural landmarks being particularly favored [14][20] Group 3: Policy and Infrastructure Improvements - Various local governments are implementing measures to enhance the inbound tourism experience, focusing on payment solutions, language support, and tax refund policies to address tourists' immediate needs [21][22] - The combination of policies reflects three main strategies: prioritizing convenience to boost immediate consumption, competing for tourist flow through subsidies and events, and promoting cultural exports to expand market reach [25] - The growth of social media discussions around "China Travel" has contributed to the rising interest in inbound tourism, with over 2.3 million posts on platforms like TikTok [2][3]

Core Points - Beijing has launched a new model for tax refunds for foreign travelers, allowing for "immediate refund upon purchase" at bank outlets, enhancing the efficiency and security of the tax refund experience [1] - The China Bank branch in the China (Beijing) Pilot Free Trade Zone has become the first concentrated refund point in Shunyi District, simplifying the traditional tax refund process [1] Group 1 - The "immediate refund upon purchase" service allows foreign travelers to receive tax refund applications at the point of sale, enabling them to process refunds at designated points before leaving the country [1] - This new model significantly simplifies the tax refund process, improving the shopping experience for foreign travelers [1] Group 2 - The refund limit for the "immediate refund upon purchase" service has been increased from 50,000 yuan to 220,000 yuan, and the departure deadline has been extended from 17 days to 28 days [2] - Foreign travelers can process their tax refund applications at any of the over 1,500 tax refund stores in Beijing, facilitating a "citywide refund, one-point processing" approach [2]

Core Insights - Guangbai Co., Ltd. has introduced a new "buy and return immediately" tax refund service point at its Beijing Road store, enhancing customer convenience for tax refunds [2] - The company has expanded its tax refund service to include 10 stores, collaborating with local hotels and travel agencies to promote this service [2] - The initiative aims to create a complementary ecosystem of "duty-free + tax refund" by strengthening cooperation with local duty-free shops [2]

Core Insights - The company has established a "buy and refund" service point at its Beijing Road store, enhancing the convenience of tax refund services for customers [1] - The company currently operates a total of 10 stores offering the "buy and refund" service, indicating a significant expansion in its tax refund capabilities [1] - The company is collaborating with local hotels and travel agencies to promote its services in key shopping areas, aiming to strengthen the synergy between duty-free and tax refund services [1] Company Strategy - The company is considering further strategies to enhance its duty-free business advantages and improve profitability [1] - There is potential interest in introducing the "Fat Donglai" brand supermarket for stronger collaboration, although specific plans have not been detailed [1] - The company is focused on building a complementary ecosystem of "duty-free + tax refund" services to attract more customers and increase sales [1]

Group 1 - The Beijing Municipal Taxation Bureau, in collaboration with the Bank of China Beijing Branch, has introduced innovative measures for the "immediate refund upon purchase" service at the 2025 Service Trade Fair, aligning with the theme "Digital Intelligence Leading, Service Trade Renewed" [1] - Currently, there are five centralized refund points for the "immediate refund upon purchase" service in Beijing, allowing foreign travelers to process tax refund applications at any of the 1,500 participating stores [1] - The tax bureau has also implemented groundbreaking initiatives, including cross-recognition of the "immediate refund upon purchase" service between Beijing and Tianjin, and instant tax refund payments [1] Group 2 - As inbound tourism continues to rise, the attention on Beijing's departure tax refund services has also increased, with a 251% year-on-year growth in the volume of departure tax refund business as of the end of August this year [2] - The sales of goods eligible for departure tax refunds have increased by 84% year-on-year, and the amount of tax refunds processed has also risen by 84% [2] - Nearly 15,000 foreign travelers from 170 countries and regions have benefited from the departure tax refund services, contributing to the robust growth of inbound tourism consumption and enhancing the tax-driven momentum for the capital's international consumption center development [2]

Group 1 - The core theme of the 2025 Service Trade Fair is "Digital Intelligence Leading, Service Trade Renewing," with a focus on innovative measures for the "immediate purchase and immediate refund" service for outbound tax refunds in Beijing [1] - Beijing has established five centralized refund points for the "immediate purchase and immediate refund" service, allowing foreign travelers to process tax refund applications at any of the 1,500 participating stores in the city [1] - The tax authority has introduced groundbreaking initiatives in the outbound tax refund service, including mutual recognition of the "immediate purchase and immediate refund" service between Beijing and Tianjin, and instant refund payments [1] Group 2 - As of the end of August, the volume of outbound tax refund business in Beijing has increased by 251% year-on-year, with sales of tax refund goods rising by 84% and the amount of tax refunds processed also increasing by 84% [2] - Nearly 15,000 foreign travelers from 170 countries and regions have benefited from the outbound tax refund service, indicating a sustained high growth trend that stimulates the potential of inbound tourism consumption [2] - The outbound tax refund service contributes significantly to the construction of Beijing as an international consumption center, providing stronger tax incentives for the city's economic development [2]

Group 1 - The core theme of the event is the "Beijing Gifts" exhibition, showcasing a variety of cultural and creative products, enhancing the international influence of Beijing's cultural offerings [1][2] - China Bank's Beijing branch has partnered with local tax and cultural authorities to innovate and expand the "immediate purchase and refund" tax refund service for international travelers [2] - The number of tax refund shops in Beijing has exceeded 1,500, making it the leading city in China for such services, with a dedicated electronic map for travelers [2] Group 2 - The "immediate purchase and refund" service allows international visitors to receive tax refunds instantly at the event, either in cash or through digital wallets like Alipay [2] - The initiative aims to optimize the travel, consumption, and tax refund experience for international visitors, contributing to the development of Beijing as an international consumption center [2] - China Bank plans to continue enhancing the tax refund services to provide greater convenience for international travelers and support the creation of a world-class business environment in the capital [2]